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Thursday, 29 August 13
NO RATING IMPACT ON INDONESIAN ENERGY COMPANIES FROM RUPIAH DEPRECIATION - FITCH RATINGS
 Fitch Ratings says the credit profiles of rated Indonesian energy and utilities companies, including thermal coal producers, will largely remain unaffected by a weakening of the Indonesian rupiah, which has depreciated by 10% between February and August 2013.
According to Fitch's latest report, this is due to a high degree of USD-linked cash flows relative to the companies' USD-denominated liabilities and expenses, or strong linkages with and fiscal support from the state to entities that provide a public service obligation. Furthermore, many of the companies have limited near-term USD-denominated debt maturities.
PT Adaro Indonesia (BB+/Stable), PT Indika Energy Tbk (B+/Stable), and Star Energy Geothermal (B+/Stable) are insulated from the currency depreciation as their earnings are predominantly in USD. This provides a strong natural hedge to debt obligations, much of which are USD-denominated. Profit margins of thermal coal producers can benefit to an extent as some of their operating costs are rupiah-based.
The ratings of PT Pertamina Persero (Pertamina, BBB-/Stable) and PT Perusahaan Listrik Negara (PLN, BBB-/Stable) are not immediately affected as the ratings are equalised with that of the Republic of Indonesia (BBB-/Stable), owing to the strategic and operational importance of these entities to the state. Both PLN and Pertamina perform public service obligations, selling fuel and electricity below market prices for which they are compensated via a subsidy reimbursement mechanism. The weakened rupiah increases the operating costs of these two entities as raw materials - coal, gas and oil - will increase, resulting in a higher subsidy requirement from the government under the subsidy mechanism under which they operate. In the event the total subsidy requirement exceeds the approved annual budgetary allocation, Fitch believes the government will approve a higher budget to accommodate any additional amounts.
Given recent increases of certain petroleum products and the elections due in 2014, the prospect of further immediate electricity or fuel price increases may be limited. Both PLN and Pertamina have large capital expenditure requirements and the weakened rupiah will increase the outflow in local currency terms which will increase the financial leverage of these two entities than earlier forecast by Fitch. However, strong state support and ready access to funding markets underpin their liquidity profiles.
All Fitch credit ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link:
Http://fitchratings.com/understandingcreditratings.
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Saturday, 10 August 13
DEMOLITION ACTIVITY TO BE CRUCIAL AGAIN IN PROVIDING SUPPORT TO THE DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
We appear to have forgotten demolition activity this year, with the Baltic Dry Index gaining traction in the latter part of the second half and emer ...
Friday, 09 August 13
US PRODUCED 4.00 PERCENT LESS COAL ON WEEK
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.00 million short tons (mmst) of ...
Thursday, 08 August 13
HANDY : NO POSITIVE SENTIMENT FOR THE FAR EAST MARKET - FEARNRESEARCH
Handy
No positive sentiment for the Far East market. There are a number of ships coming open in SE Asia this week and owners rating mid/high USD 8k ...
Thursday, 08 August 13
MALAYSIA HOSTS THIRD ANNUAL ASIAN SUB-BITUMINOUS COAL USERS' GROUP CONFERENCE
Press Release : The third Annual Asian Sub-Bituminous Coal Users’ Group (ASBCUG) conference convenes Sept. 30-Oct. 3 at the Eastern & Orie ...
Wednesday, 07 August 13
HANDIES : FINDING IT DIFFICULT TO SUSTAIN THEIR PREVIOUS LEVELS - KONSTANTINOS KONTOMICHIS
Broker's insight
by Konstantinos Kontomichis,
SnP Broker
Entering the most predictable month of the year, as expected the seasonal effects ha ...
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Showing 4171 to 4175 news of total 6871 |
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- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- The University of Queensland
- Planning Commission, India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- White Energy Company Limited
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